Ecobank unveils plan, promises to strengthen presence in Kenya

Pan-African lender Ecobank plans to wind down its expansion strategy across Africa and focus on existing businesses, especially in Nigeria, Ghana, Angola and Kenya, its  Chief Executive Officer Albert Essien said. “These four countries together are very important to the future growth and earnings of the Ecobank group,” he told Reuters [...]

Businesses expect interest rates to fall

Kenyan businesses expect lower borrowing rates by the end of the year following the implementation of the Kenya Banks Reference Rate (KBRR), a new report by Standard Chartered shows. In the monthly survey conducted by StanChart and London-based research firm MNI Indicators, 200 business executives report that there has been both easing of interest rates and improvement in availability of credit compared to 2013. [...]

JSE in futures deals for Naira, Kenya shilling

The Johannesburg Stock Exchange (JSE) has launched futures contracts for several African currencies including the Kenya shilling. The currency futures will enable investors to protect themselves against currency volatility in other countries, at a time when several African currencies have depreciated sharply against the dollar. [...]

KenGen seeks geothermal plants partner

The State-controlled Kenya Electricity Generating Company (KenGen) wants to team up with private investors for the first time to build geothermal power plants that would come on stream by 2016. The plan by the firm is part of the country's ambition to add 5,000 megawatts (MW) of capacity by 2017. [...]

Helios buys stake worth Sh3.6bn in Wananchi Group

Private equity fund Helios has acquired a Sh3.6 billion ($40 million) stake in Wananchi Group, the owners of pay- TV provider Zuku, as part of a Sh11.6 billion cash injection in the company. Wananchi Group are the owners of the Zuku Fiber, Zuku pay TV and Simbanet business services brands  In a statement yesterday Wananchi Vice Chairman Richard Bell said the funds would also be invested in new technologies and service platforms to improve the quality of the products. [...]